{"id":807,"date":"2026-01-03T14:08:56","date_gmt":"2026-01-03T11:08:56","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=807"},"modified":"2026-01-03T14:10:38","modified_gmt":"2026-01-03T11:10:38","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-entra-ic-enterra-yenilenebilir-enerji-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/807","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ENTRA | Ic Enterra Yenilenebilir Enerji 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ENTRA | Ic Enterra Yenilenebilir Enerji 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/cEGEFz7nEDk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Rakamlar\u0131n Ard\u0131ndaki Hikaye: IC Enterra&#8217;n\u0131n Finansal Raporunda Sakl\u0131 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>Finansal raporlar, \u00e7o\u011fu zaman rakamlar, tablolar ve dipnotlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu belgelerin derinliklerine inildi\u011finde, bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 riskler ve g\u00f6sterdi\u011fi dayan\u0131kl\u0131l\u0131k hakk\u0131nda ilgi \u00e7ekici hikayeler ortaya \u00e7\u0131kar. T\u00fcrkiye enerji sekt\u00f6r\u00fcn\u00fcn \u00f6nde gelen oyuncular\u0131ndan IC Enterra Yenilenebilir Enerji A.\u015e.&#8217;nin son finansal raporu da tam olarak bunu yap\u0131yor.<\/p>\n<p>\u0130lk bak\u0131\u015fta g\u00f6r\u00fclen ana rakamlar\u0131n \u00e7ok \u00f6tesinde, \u015firketin operasyonel g\u00fcc\u00fcn\u00fc, finansal zorluklar\u0131n\u0131 ve gelecek potansiyelini ortaya koyan, sezgilere ayk\u0131r\u0131 ve etkili detaylar bar\u0131nd\u0131r\u0131yor. Bu rapor, sadece bir \u015firketin dokuz ayl\u0131k performans\u0131n\u0131 de\u011fil, ayn\u0131 zamanda dalgal\u0131 bir ekonomik ortamda b\u00fcy\u00fcme stratejisini nas\u0131l y\u00fcr\u00fctt\u00fc\u011f\u00fcn\u00fc de g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>Bu yaz\u0131da, IC Enterra&#8217;n\u0131n son finansal raporunun sat\u0131r aralar\u0131na gizlenmi\u015f ve \u015firketin ger\u00e7ek durumunu daha net anlamam\u0131z\u0131 sa\u011flayan be\u015f \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7e\u011fi mercek alt\u0131na alaca\u011f\u0131z.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. K\u00e2\u011f\u0131t \u00dczerinde Zarar, Kasada Milyarlar: Nakit Ak\u0131\u015f\u0131n\u0131n Gizli G\u00fcc\u00fc<\/h2>\n<p>\u0130lk bak\u0131\u015fta en dikkat \u00e7eken \u00e7eli\u015fki, \u015firketin k\u00e2r-zarar tablosu ile nakit ak\u0131\u015f tablosu aras\u0131ndaki devasa farkta yat\u0131yor. IC Enterra, 2025&#8217;in ilk dokuz ay\u0131nda <b>549,2 milyon TL net zarar<\/b> a\u00e7\u0131klam\u0131\u015fken, ayn\u0131 d\u00f6nemde i\u015fletme faaliyetlerinden elde etti\u011fi nakit ak\u0131\u015f\u0131 <b>2,73 milyar TL<\/b> gibi dikkat \u00e7ekici bir pozitif seviyedeydi.<\/p>\n<p>Bu durum, ilk ba\u015fta kafa kar\u0131\u015ft\u0131r\u0131c\u0131 g\u00f6r\u00fcnse de, a\u00e7\u0131klamas\u0131 olduk\u00e7a basit. Bildirilen net zarar, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde nakit \u00e7\u0131k\u0131\u015f\u0131 gerektirmeyen muhasebesel giderlerden kaynaklan\u0131yor. Nakit ak\u0131\u015f tablosuna g\u00f6re bu d\u00f6nemde kaydedilen <b>1,55 milyar TL&#8217;lik &#8220;Amortisman ve itfa gideri&#8221;<\/b> ve <b>1,03 milyar TL&#8217;lik &#8220;Maddi duran varl\u0131k de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc&#8221;<\/b> (yani, santrallerin defter de\u011ferinde yap\u0131lan b\u00fcy\u00fck bir indirim) gibi kalemler, k\u00e2r\u0131 k\u00e2\u011f\u0131t \u00fczerinde a\u015fa\u011f\u0131 \u00e7ekerken, \u015firketin kasas\u0131ndan fiilen bir para \u00e7\u0131k\u0131\u015f\u0131na neden olmad\u0131.<\/p>\n<p>Bu detay son derece \u00f6nemli: \u015eirketin ana faaliyet konusu olan enerji \u00fcretimi operasyonlar\u0131n\u0131n, muhasebesel zarara ra\u011fmen asl\u0131nda ne kadar g\u00fc\u00e7l\u00fc bir \u015fekilde nakit \u00fcretti\u011fini ve operasyonel verimlili\u011fini korudu\u011funu g\u00f6steriyor.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Bilan\u00e7o K\u0131rm\u0131z\u0131 Alarm Veriyor: &#8220;\u0130\u015fletmenin S\u00fcreklili\u011fi&#8221; Notundaki Kritik Detay<\/h2>\n<p>Finansal rapordaki 2.1 numaral\u0131 dipnot, \u015firketin kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu \u00f6nemli bir finansal meydan okumay\u0131 a\u00e7\u0131k\u00e7a ortaya koyuyor. Rapora g\u00f6re, \u015firketin k\u0131sa vadeli (bir y\u0131ldan az) y\u00fck\u00fcml\u00fcl\u00fckleri, k\u0131sa vadeli varl\u0131klar\u0131n\u0131 tam <b>2,47 milyar TL<\/b> a\u015f\u0131yor. Finansal dilde bu durum, potansiyel bir likidite bask\u0131s\u0131na i\u015faret eder ve dikkatle y\u00f6netilmesi gereken bir risktir.<\/p>\n<p>Ancak ayn\u0131 dipnot, bu riske kar\u015f\u0131 \u015firketin ald\u0131\u011f\u0131 stratejik aksiyonlar\u0131 da detayland\u0131r\u0131yor. Y\u00f6netim, bu sorunu \u00e7\u00f6zmek i\u00e7in \u00fc\u00e7 kilit hamle yap\u0131yor:<\/p>\n<ol>\n<li>\u0130\u00e7ta\u015f G\u00fcne\u015f Enerji A.\u015e.&#8217;ye ait k\u00f6pr\u00fc kredilerinin yeniden finansman\u0131 tamamlanarak vadesi 2036 y\u0131l\u0131na kadar uzat\u0131ld\u0131.<\/li>\n<li>\u0130\u00e7ta\u015f Yenilenebilir&#8217;in proje finansman\u0131 kredisini yeniden yap\u0131land\u0131rmak i\u00e7in kredit\u00f6rlerle g\u00f6r\u00fc\u015fmeler devam ediyor.<\/li>\n<li>Ana ortak konumundaki IC \u0130\u00e7ta\u015f Enerji Yat\u0131r\u0131m Holding A.\u015e., 14 A\u011fustos 2025 tarihli bir taahh\u00fct ile \u015firkete gerekli finansal deste\u011fi sa\u011flayaca\u011f\u0131n\u0131 beyan etti.<\/li>\n<\/ol>\n<p>Bu \u00e7\u0131kar\u0131m, bize sadece bir riskin varl\u0131\u011f\u0131n\u0131 de\u011fil, ayn\u0131 zamanda bu riski bertaraf etmek i\u00e7in \u00fcst d\u00fczeyde aktif ve stratejik bir finansal y\u00f6netim anlay\u0131\u015f\u0131n\u0131n devrede oldu\u011funu g\u00f6steriyor.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Dolar Borcunun A\u011f\u0131r Bedeli: 2,5 Milyar Liral\u0131k Kur Fark\u0131 Gideri<\/h2>\n<p>Grup&#8217;un yakla\u015f\u0131k <b>11,7 milyar TL<\/b>&#8216;lik toplam borcunun ezici bir \u00e7o\u011funlu\u011funun ABD Dolar\u0131 cinsinden olmas\u0131, \u015firketin en b\u00fcy\u00fck finansal hassasiyetini olu\u015fturuyor. Bu durum, d\u00f6viz kurlar\u0131ndaki dalgalanmalar\u0131n \u015firketin k\u00e2r-zarar tablosu \u00fczerinde ne denli b\u00fcy\u00fck bir etki yaratabilece\u011fini net bir \u015fekilde ortaya koyuyor.<\/p>\n<p>Bu yabanc\u0131 para cinsinden bor\u00e7lanman\u0131n somut etkisi, finansman giderleri kaleminde kendini g\u00f6steriyor. \u015eirket, 2025&#8217;in sadece ilk dokuz ay\u0131nda, artan d\u00f6viz kurlar\u0131 nedeniyle tam <b>2,56 milyar TL &#8220;Kur fark\u0131 gideri&#8221;<\/b> kaydetti. Bu devasa gider, ayn\u0131 zamanda nakit ak\u0131\u015f tablosunda k\u00e2r ile operasyonel nakit \u00fcretimi aras\u0131ndaki fark\u0131 a\u00e7\u0131klayan en \u00f6nemli kalemlerden biridir ve 2,56 milyar TL&#8217;lik &#8220;Ger\u00e7ekle\u015fmemi\u015f yabanc\u0131 para \u00e7evrim farklar\u0131yla ilgili d\u00fczeltmeler&#8221; olarak kar\u015f\u0131m\u0131za \u00e7\u0131kmaktad\u0131r.<\/p>\n<p>Bu veri, yaln\u0131zca IC Enterra i\u00e7in de\u011fil, genellikle yabanc\u0131 para ile finanse edilen T\u00fcrkiye&#8217;deki t\u00fcm yenilenebilir enerji sekt\u00f6r\u00fc i\u00e7in birincil finansal riskin alt\u0131n\u0131 \u00e7iziyor. Rapordaki <b>11,6 milyar TL&#8217;lik net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc pozisyonu<\/b>, bu kur riskinin ne kadar b\u00fcy\u00fck \u00f6l\u00e7ekte oldu\u011funu bir kez daha teyit ediyor.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Yeni G\u00fcne\u015f Santralinin \u00c7eli\u015fkili Ba\u015flang\u0131c\u0131: B\u00fcy\u00fck Gelir, Dev De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc<\/h2>\n<p>\u015eirketin yeni yat\u0131r\u0131m\u0131 olan Erzin G\u00fcne\u015f Enerji Santrali&#8217;nin (GES) performans\u0131, bir z\u0131tl\u0131klar hikayesi sunuyor. Bir yandan, Nisan 2025&#8217;te tam kapasiteyle faaliyete ge\u00e7en bu yeni santral, raporlama d\u00f6neminde tek ba\u015f\u0131na <b>661 milyon TL has\u0131lat<\/b> \u00fcreterek \u00f6nemli bir ba\u015far\u0131ya imza att\u0131.<\/p>\n<p>Ancak madalyonun di\u011fer y\u00fcz\u00fcnde \u015fa\u015f\u0131rt\u0131c\u0131 bir geli\u015fme var. Finansal tablolar, ayn\u0131 d\u00f6nemde <b>1,034 milyar TL tutar\u0131nda &#8220;Maddi duran varl\u0131k yeniden de\u011ferleme kay\u0131plar\u0131&#8221; (de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc zarar\u0131)<\/b> kaydedildi\u011fini g\u00f6steriyor. B\u00f6l\u00fcmlere g\u00f6re raporlama dipnotu incelendi\u011finde, bu devasa de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcn\u00fcn Hatay&#8217;daki (Erzin GES) operasyonlarla ili\u015fkili oldu\u011fu anla\u015f\u0131l\u0131yor.<\/p>\n<p>Bu \u00e7\u0131kar\u0131m, olduk\u00e7a ilgin\u00e7 bir noktaya i\u015faret ediyor: Has\u0131lat \u00fcreten ba\u015far\u0131l\u0131 bir yeni proje bile, karma\u015f\u0131k de\u011ferleme zorluklar\u0131yla kar\u015f\u0131 kar\u015f\u0131ya kalabilir. Bu durum, b\u00fcy\u00fck \u00f6l\u00e7ekli enerji yat\u0131r\u0131mlar\u0131n\u0131n ne kadar \u00e7ok katmanl\u0131 ve incelikli bir finansal yap\u0131ya sahip oldu\u011funu g\u00f6steriyor.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Gelece\u011fin Gizli Kozu: Milyarlarca Liral\u0131k Vergi Kalkan\u0131<\/h2>\n<p>Bilan\u00e7o&#8217;nun derinliklerinde, \u015firketin gelecekteki k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde etkileyebilecek &#8220;gizli bir g\u00fc\u00e7&#8221; yat\u0131yor: ertelenmi\u015f vergi varl\u0131klar\u0131. Bu varl\u0131klar, \u015firketin ileride \u00f6deyece\u011fi kurumlar vergisini azaltma potansiyeli ta\u015f\u0131yor.<\/p>\n<p>Rapora g\u00f6re, Grup&#8217;un iki ana kaynaktan gelen \u00f6nemli bir ertelenmi\u015f vergi varl\u0131\u011f\u0131 bulunuyor:<\/p>\n<ul>\n<li>Yakla\u015f\u0131k <b>1,8 milyar TL<\/b>, sahip oldu\u011fu &#8220;Devlet te\u015fvikleri&#8221;nden kaynaklan\u0131yor.<\/li>\n<li>Yakla\u015f\u0131k <b>1,2 milyar TL<\/b> ise ge\u00e7mi\u015f y\u0131llardan devreden &#8220;Ta\u015f\u0131nan mali zararlar&#8221;dan geliyor.<\/li>\n<\/ul>\n<p>Bunun gelecekteki anlam\u0131 olduk\u00e7a basit ve g\u00fc\u00e7l\u00fcd\u00fcr: \u015eirket yeniden k\u00e2ra ge\u00e7ti\u011finde, bu varl\u0131klar bir &#8220;vergi kalkan\u0131&#8221; g\u00f6revi g\u00f6recek. \u00d6demesi gereken kurumlar vergisi tutar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde d\u00fc\u015f\u00fcrerek, gelecekteki net k\u00e2r\u0131n\u0131 art\u0131racakt\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>Sonu\u00e7<\/h3>\n<p>IC Enterra&#8217;n\u0131n finansal raporu, d\u00f6viz kuru oynakl\u0131\u011f\u0131 gibi \u00f6nemli d\u0131\u015f bask\u0131lar\u0131 y\u00f6netirken, yeni santraller ve uluslararas\u0131 geni\u015fleme gibi b\u00fcy\u00fcme stratejilerini e\u015f zamanl\u0131 olarak y\u00fcr\u00fcten bir \u015firketin karma\u015f\u0131k ama \u015feffaf bir resmini \u00e7iziyor. K\u00e2\u011f\u0131t \u00fczerindeki zarar\u0131n ard\u0131ndaki g\u00fc\u00e7l\u00fc nakit \u00fcretimi, bilan\u00e7odaki risklere kar\u015f\u0131 al\u0131nan proaktif \u00f6nlemler ve gelecekteki k\u00e2rl\u0131l\u0131\u011f\u0131 destekleyecek vergi avantajlar\u0131, \u015firketin finansal hikayesinin ana unsurlar\u0131n\u0131 olu\u015fturuyor.<\/p>\n<p>Peki, \u015firketin g\u00fc\u00e7l\u00fc operasyonel nakit \u00fcretimi ve stratejik hamleleri, T\u00fcrkiye&#8217;nin dalgal\u0131 ekonomik ikliminde d\u00f6viz bor\u00e7lulu\u011funun yaratt\u0131\u011f\u0131 devasa bask\u0131y\u0131 a\u015fmaya yetecek mi?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">IC Enterra Yenilenebilir Enerji A.\u015e. Finansal Durum ve Performans Analizi: 30 Eyl\u00fcl 2025<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>IC Enterra Yenilenebilir Enerji A.\u015e.&#8217;nin 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k d\u00f6neme ait konsolide finansal sonu\u00e7lar\u0131, g\u00fc\u00e7l\u00fc operasyonel performansa ra\u011fmen \u00f6nemli finansal zorluklar\u0131 ve riskleri ortaya koymaktad\u0131r. \u015eirket, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde elde etti\u011fi 2,75 milyar TL&#8217;lik net k\u00e2ra kar\u015f\u0131l\u0131k, 2025&#8217;in ilk dokuz ay\u0131nda <b>549,9 milyon TL net zarar<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu keskin d\u00f6n\u00fc\u015f\u00fcm\u00fcn ana nedeni, Erzin G\u00fcne\u015f Enerjisi Santrali (GES) ile ili\u015fkili olarak kaydedilen <b>1,05 milyar TL&#8217;lik maddi duran varl\u0131k yeniden de\u011ferleme kayb\u0131d\u0131r<\/b>.<\/p>\n<p>Finansal tablolardaki en kritik bulgu, \u015firketin likidite pozisyonudur. 30 Eyl\u00fcl 2025 itibar\u0131yla, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler d\u00f6nen varl\u0131klar\u0131 <b>2,47 milyar TL a\u015farak<\/b> \u00f6nemli bir i\u015fletme sermayesi a\u00e7\u0131\u011f\u0131na ve likidite riskine i\u015faret etmektedir. Y\u00f6netim bu riski y\u00f6netmek amac\u0131yla; \u0130\u00e7ta\u015f G\u00fcne\u015f Enerji&#8217;nin k\u00f6pr\u00fc kredilerinin refinansman\u0131n\u0131 tamamlam\u0131\u015f, \u0130\u00e7ta\u015f Yenilenebilir&#8217;in proje finansman\u0131 kredisinin yeniden yap\u0131land\u0131r\u0131lmas\u0131 i\u00e7in g\u00f6r\u00fc\u015fmelere devam etmekte ve ana ortak IC \u0130\u00e7ta\u015f Enerji Yat\u0131r\u0131m Holding A.\u015e.&#8217;den finansal destek taahh\u00fcd\u00fc alm\u0131\u015ft\u0131r.<\/p>\n<p>\u015eirketin bor\u00e7luluk yap\u0131s\u0131, a\u011f\u0131rl\u0131kl\u0131 olarak ABD Dolar\u0131 cinsinden olan krediler nedeniyle <b>11,6 milyar TL&#8217;lik net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/b> pozisyonu yaratmakta ve bu durum \u015firketi kur dalgalanmalar\u0131na kar\u015f\u0131 olduk\u00e7a hassas k\u0131lmaktad\u0131r.<\/p>\n<p>Bu zorluklara ra\u011fmen, \u015firketin ana faaliyetleri g\u00fc\u00e7l\u00fc bir performans sergilemektedir. Has\u0131lat ve br\u00fct k\u00e2r, yeni devreye al\u0131nan Erzin GES&#8217;in de katk\u0131s\u0131yla y\u0131ll\u0131k bazda art\u0131\u015f g\u00f6stermi\u015ftir. Bu durum, operasyonel verimlili\u011fin s\u00fcrd\u00fc\u011f\u00fcn\u00fc ancak finansal yap\u0131land\u0131rma ve risk y\u00f6netimi konular\u0131n\u0131n \u015firketin s\u00fcrd\u00fcr\u00fclebilir k\u00e2rl\u0131l\u0131\u011f\u0131 i\u00e7in acil \u00f6ncelikler oldu\u011funu g\u00f6stermektedir.<\/p>\n<h2>1. Finansal Performans Analizi (9A 2025 vs. 9A 2024)<\/h2>\n<h3>1.1. Gelir Tablosu \u00d6zet Bulgular\u0131<\/h3>\n<p>\u015eirketin ilk dokuz ayl\u0131k performans\u0131, operasyonel k\u00e2rl\u0131l\u0131ktaki art\u0131\u015fa ra\u011fmen net sonu\u00e7taki negatif d\u00f6n\u00fc\u015f\u00fcm\u00fc g\u00f6zler \u00f6n\u00fcne sermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (bin TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>3.399.991<\/td>\n<td>3.261.274<\/td>\n<td>%4,3 art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>1.239.590<\/td>\n<td>1.027.035<\/td>\n<td>%20,7 art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>1.111.051<\/td>\n<td>733.187<\/td>\n<td>%51,5 art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Yat\u0131r\u0131m Faaliyetlerinden Giderler (-)<\/td>\n<td>(1.049.142)<\/td>\n<td>0<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(3.665.120)<\/td>\n<td>(3.967.342)<\/td>\n<td>%7,6 azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon Kazan\u00e7lar\u0131<\/td>\n<td>2.778.321<\/td>\n<td>4.897.225<\/td>\n<td>%43,3 azal\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td><b>(549.883)<\/b><\/td>\n<td><b>2.746.113<\/b><\/td>\n<td><b>K\u00e2rdan Zarara<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131k Paylar\u0131 Net K\u00e2r\u0131 \/ (Zarar\u0131)<\/td>\n<td>(549.178)<\/td>\n<td>2.746.072<\/td>\n<td>K\u00e2rdan Zarara<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na (Kay\u0131p) \/ Kazan\u00e7 (TL)<\/b><\/td>\n<td><b>(0,30)<\/b><\/td>\n<td><b>1,59<\/b><\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Net Zarar\u0131n Temel Nedenleri:<\/b>\n<ul>\n<li><b>Varl\u0131k De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc:<\/b> D\u00f6nem k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 en olumsuz etkileyen kalem, &#8220;Yat\u0131r\u0131m Faaliyetlerinden Giderler&#8221; alt\u0131nda raporlanan <b>1.049.142 bin TL&#8217;lik maddi duran varl\u0131k yeniden de\u011ferleme kayb\u0131d\u0131r<\/b> (Dipnot 20). Bu gider, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde mevcut de\u011fildi.<\/li>\n<li><b>Parasal Pozisyon Kazan\u00e7lar\u0131n\u0131n Azalmas\u0131:<\/b> Y\u00fcksek enflasyon muhasebesi (TMS 29) kapsam\u0131nda hesaplanan net parasal pozisyon kazan\u00e7lar\u0131, 2024&#8217;teki 4,9 milyar TL seviyesinden 2025&#8217;te 2,8 milyar TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015f, net zarar\u0131n olu\u015fmas\u0131nda \u00f6nemli bir rol oynam\u0131\u015ft\u0131r.<\/li>\n<li><b>Y\u00fcksek Finansman Giderleri:<\/b> Finansman giderleri, \u00f6zellikle yabanc\u0131 para cinsinden bor\u00e7lanmalardan kaynaklanan kur fark\u0131 giderleri nedeniyle 3,67 milyar TL gibi y\u00fcksek bir seviyede kalmaya devam etmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>2. Finansal Durum ve Likidite (30 Eyl\u00fcl 2025)<\/h2>\n<h3>2.1. Bilan\u00e7o Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fc, 2024 sonuna k\u0131yasla bir miktar daralm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (bin TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td>Toplam D\u00f6nen Varl\u0131klar<\/td>\n<td>1.551.845<\/td>\n<td>2.489.945<\/td>\n<\/tr>\n<tr>\n<td>Toplam Duran Varl\u0131klar<\/td>\n<td>43.308.272<\/td>\n<td>45.512.858<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>44.860.117<\/b><\/td>\n<td><b>48.002.803<\/b><\/td>\n<\/tr>\n<tr>\n<td>Toplam K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>4.025.188<\/td>\n<td>6.224.356<\/td>\n<\/tr>\n<tr>\n<td>Toplam Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>10.142.991<\/td>\n<td>10.767.877<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td><b>14.168.179<\/b><\/td>\n<td><b>16.992.233<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zkaynaklar<\/b><\/td>\n<td><b>30.691.938<\/b><\/td>\n<td><b>31.010.570<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. \u0130\u015fletmenin S\u00fcreklili\u011fine \u0130li\u015fkin Kritik Riskler<\/h3>\n<p>Raporda, \u015firketin i\u015fletme s\u00fcreklili\u011fine y\u00f6nelik \u00f6nemli bir riske dikkat \u00e7ekilmektedir. 30 Eyl\u00fcl 2025 itibar\u0131yla, <b>&#8220;Grup&#8217;un k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri, d\u00f6nen varl\u0131klar\u0131n\u0131 2.473.343 bin TL a\u015fmaktad\u0131r&#8221;<\/b> (Dipnot 2). Bu durum, \u015firketin k\u0131sa vadeli bor\u00e7lar\u0131n\u0131 \u00e7evirmekte zorlanabilece\u011fini g\u00f6stermektedir. Y\u00f6netim bu riski bertaraf etmek i\u00e7in a\u015fa\u011f\u0131daki ad\u0131mlar\u0131 atmaktad\u0131r:<\/p>\n<ul>\n<li><b>\u0130\u00e7ta\u015f G\u00fcne\u015f Enerji Refinansman\u0131:<\/b> \u015eirketin k\u00f6pr\u00fc kredileri i\u00e7in 11 Eyl\u00fcl 2025&#8217;te AIIB ve TSKB ile bir refinansman s\u00f6zle\u015fmesi imzalanm\u0131\u015f ve kredilerin vadesi 2036 y\u0131l\u0131na kadar uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130\u00e7ta\u015f Yenilenebilir Refinansman\u0131:<\/b> \u0130\u00e7ta\u015f Yenilenebilir&#8217;in proje finansman\u0131 kredisinin yeniden yap\u0131land\u0131r\u0131lmas\u0131 i\u00e7in kredit\u00f6rlerle g\u00f6r\u00fc\u015fmeler devam etmektedir ve 2025 Aral\u0131k sonuna kadar sonu\u00e7lanmas\u0131 beklenmektedir.<\/li>\n<li><b>Ana Ortak Deste\u011fi:<\/b> Ana ortak IC \u0130\u00e7ta\u015f Enerji Yat\u0131r\u0131m Holding A.\u015e. ve esas kontrol\u00fc elinde tutan taraf IC \u0130\u00e7ta\u015f \u0130n\u015faat Sanayi ve Ticaret A.\u015e., 14 A\u011fustos 2025 tarihli bir taahh\u00fct ile gruba gerekli finansal deste\u011fi sa\u011flama niyetini beyan etmi\u015ftir.<\/li>\n<\/ul>\n<h3>2.3. Bor\u00e7luluk Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin toplam banka kredileri 30 Eyl\u00fcl 2025 itibar\u0131yla <b>11,68 milyar TL<\/b>&#8216;dir.<\/p>\n<ul>\n<li><b>Vade Yap\u0131s\u0131:<\/b> Bor\u00e7lar\u0131n 3,36 milyar TL&#8217;si bir y\u0131ldan k\u0131sa, 8,32 milyar TL&#8217;si ise bir y\u0131ldan uzun vadelidir.<\/li>\n<li><b>Para Birimi:<\/b> Kredilerin b\u00fcy\u00fck \u00e7o\u011funlu\u011fu (11,54 milyar TL kar\u015f\u0131l\u0131\u011f\u0131) ABD Dolar\u0131 cinsindendir.<\/li>\n<li><b>Kredi S\u00f6zle\u015fmesi Y\u00fck\u00fcml\u00fcl\u00fckleri:<\/b> IC Yenilenebilir&#8217;in kredi s\u00f6zle\u015fmeleri gere\u011fi <b>Bor\u00e7 Servisi Kar\u015f\u0131lama Oran\u0131n\u0131 1,10:1<\/b> seviyesinde tutma zorunlulu\u011fu bulunmaktad\u0131r. 30 Aral\u0131k 2024 tarihli anapara \u00f6demesi 30 Haziran 2025&#8217;e ertelenmi\u015f ve bu tarihte \u00f6denmi\u015ftir.<\/li>\n<\/ul>\n<h2>3. Operasyonel Faaliyetler ve Varl\u0131klar<\/h2>\n<h3>3.1. Segment Raporlamas\u0131 ve Projeler<\/h3>\n<ul>\n<li><b>Santral Performans\u0131:<\/b> En y\u00fcksek has\u0131lat\u0131 <b>1,27 milyar TL<\/b> ile Ba\u011f\u0131\u015fta\u015f HES \u00fcretmi\u015ftir. 14 Nisan 2025&#8217;te tam kapasite devreye al\u0131nan <b>Erzin GES<\/b>, dokuz ayl\u0131k d\u00f6nemde <b>661 milyon TL<\/b> has\u0131lat ile portf\u00f6ye \u00f6nemli bir katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Yurt D\u0131\u015f\u0131 Yat\u0131r\u0131mlar:<\/b> \u0130talya&#8217;da bulunan Troia Wind S.R.L ve Bovino Wind S.R.L r\u00fczg\u00e2r enerjisi projeleri geli\u015ftirme a\u015famas\u0131ndad\u0131r. Her iki proje i\u00e7in de Mart 2024&#8217;te \u00c7evresel Etki De\u011ferlendirme (\u00c7ED) ba\u015fvurusu yap\u0131lm\u0131\u015f olup, onay s\u00fcre\u00e7leri beklenmektedir.<\/li>\n<\/ul>\n<h3>3.2. Maddi Duran Varl\u0131klar ve De\u011ferleme<\/h3>\n<ul>\n<li>\u015eirketin HES ve GES santrallerini i\u00e7eren maddi duran varl\u0131klar\u0131n\u0131n net defter de\u011feri <b>40,7 milyar TL<\/b>&#8216;dir.<\/li>\n<li>Grup, bu varl\u0131klar i\u00e7in tarihi maliyet yerine <b>yeniden de\u011ferleme modelini<\/b> kullanmaktad\u0131r. Bu model, &#8220;indirgenmi\u015f nakit ak\u0131\u015f\u0131&#8221; analizine dayanmakta ve uzun vadeli elektrik fiyat beklentisi, iskonto oran\u0131, kapasite kullan\u0131m oran\u0131 gibi \u00f6nemli varsay\u0131mlar i\u00e7ermektedir.<\/li>\n<li><b>Varsay\u0131mlara Duyarl\u0131l\u0131k:<\/b> Bu tahminlerin de\u011fi\u015fmesi, varl\u0131klar\u0131n de\u011feri \u00fczerinde \u00f6nemli etkilere neden olabilir. \u00d6rne\u011fin (Dipnot 2.4.1):\n<ul>\n<li>HES&#8217;ler i\u00e7in ileriye d\u00f6n\u00fck elektrik fiyatlar\u0131n\u0131n %10 de\u011fi\u015fmesi, varl\u0131k de\u011ferini yakla\u015f\u0131k <b>4,1 milyar TL<\/b> etkilemektedir.<\/li>\n<li>GES i\u00e7in ileriye d\u00f6n\u00fck elektrik fiyatlar\u0131n\u0131n %10 de\u011fi\u015fmesi, varl\u0131k de\u011ferini yakla\u015f\u0131k <b>416 milyon TL<\/b> etkilemektedir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>4. Temel Finansal Risklerin Y\u00f6netimi<\/h2>\n<h3>4.1. Kur Riski<\/h3>\n<p>\u015eirketin maruz kald\u0131\u011f\u0131 en \u00f6nemli finansal risk kur riskidir.<\/p>\n<ul>\n<li><b>Net Pozisyon:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun <b>11,6 milyar TL net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc<\/b> bulunmaktad\u0131r.<\/li>\n<li><b>Duyarl\u0131l\u0131k Analizi:<\/b> Di\u011fer t\u00fcm de\u011fi\u015fkenler sabitken, TL&#8217;nin ABD Dolar\u0131 kar\u015f\u0131s\u0131nda %20 de\u011fer kaybetmesi durumunda, \u015firketin vergi \u00f6ncesi k\u00e2r\/zarar\u0131 (riskten korunma i\u015flemleri sonras\u0131) yakla\u015f\u0131k <b>2,26 milyar TL olumsuz<\/b> etkilenecektir.<\/li>\n<li><b>Riskten Korunma:<\/b> Grup, ABD Dolar\u0131 endeksli YEKDEM gelirlerini, ABD Dolar\u0131 cinsi bor\u00e7lar\u0131na kar\u015f\u0131 do\u011fal bir koruma arac\u0131 olarak kullanmakta ve nakit ak\u0131\u015f riskinden korunma muhasebesi uygulamaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.2. Faiz Oran\u0131 Riski<\/h3>\n<p>Faiz oran\u0131 riski, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde de\u011fi\u015fken faizli banka kredilerinden kaynaklanmaktad\u0131r.<\/p>\n<ul>\n<li>Risk, a\u011f\u0131rl\u0131kl\u0131 olarak <b>146,7 milyon TL<\/b> tutar\u0131ndaki TL cinsi de\u011fi\u015fken faizli krediler \u00fczerindedir. Daha b\u00fcy\u00fck olan ABD Dolar\u0131 cinsi kredilerin faiz riski, yap\u0131lan swap s\u00f6zle\u015fmeleri ile y\u00f6netilmektedir.<\/li>\n<li>Y\u0131ll\u0131k kredi faiz oranlar\u0131ndaki %1&#8217;lik bir art\u0131\u015f veya azal\u0131\u015f\u0131n net k\u00e2r \u00fczerindeki etkisinin <b>1,97 milyon TL<\/b> olaca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<\/ul>\n<h3>4.3. Kredi ve Likidite Riski<\/h3>\n<ul>\n<li><b>Kredi Riski:<\/b> Alacaklar\u0131n b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131n ili\u015fkili taraf olan IC Toptan ve kamu i\u015ftiraki EP\u0130A\u015e&#8217;tan olmas\u0131 nedeniyle tahsilat riski d\u00fc\u015f\u00fck olarak de\u011ferlendirilmektedir.<\/li>\n<li><b>Likidite Riski:<\/b> Daha \u00f6nce belirtildi\u011fi gibi, negatif i\u015fletme sermayesi ve y\u00fcksek k\u0131sa vadeli bor\u00e7lar en \u00f6nemli likidite riskini olu\u015fturmaktad\u0131r. \u015eirketin finansal sa\u011fl\u0131\u011f\u0131, devam eden refinansman g\u00f6r\u00fc\u015fmelerinin ba\u015far\u0131s\u0131na \u00f6nemli \u00f6l\u00e7\u00fcde ba\u011fl\u0131d\u0131r.<\/li>\n<\/ul>\n<h2>5. \u00d6zkaynak Yap\u0131s\u0131 ve \u0130mtiyazl\u0131 Paylar<\/h2>\n<h3>5.1. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li>\u015eirketin \u00f6denmi\u015f sermayesi <b>1.845.000.000 TL<\/b>&#8216;dir.<\/li>\n<li>Ana ortak, sermayenin <b>%79,97<\/b>&#8216;sine sahip olan <b>IC \u0130\u00e7ta\u015f Enerji Yat\u0131r\u0131m Holding A.\u015e.<\/b>&#8216;dir. Paylar\u0131n %20,03&#8217;\u00fc B\u0130ST&#8217;te i\u015flem g\u00f6rmektedir.<\/li>\n<\/ul>\n<h3>5.2. Pay Senedi \u0130mtiyazlar\u0131<\/h3>\n<p>\u015eirket ana s\u00f6zle\u015fmesine g\u00f6re A Grubu pay senetleri \u00f6nemli imtiyazlara sahiptir (Dipnot 15):<\/p>\n<ul>\n<li><b>Y\u00f6netim Kurulu \u00dcye Se\u00e7imi:<\/b> Y\u00f6netim Kurulu \u00fcyelerinin \u00e7o\u011funlu\u011fu (\u00f6rne\u011fin, 9 \u00fcyeli bir kurulda 4 \u00fcye) A Grubu pay sahiplerinin g\u00f6sterece\u011fi adaylar aras\u0131ndan se\u00e7ilmektedir.<\/li>\n<li><b>Oy Hakk\u0131:<\/b> Genel Kurul toplant\u0131lar\u0131nda A Grubu paylar <b>be\u015f oy hakk\u0131na<\/b> sahipken, B Grubu paylar <b>bir oy hakk\u0131na<\/b> sahiptir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"807\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Rakamlar\u0131n Ard\u0131ndaki Hikaye: IC Enterra&#8217;n\u0131n Finansal Raporunda Sakl\u0131 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Finansal raporlar, \u00e7o\u011fu zaman rakamlar, tablolar ve dipnotlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bu belgelerin derinliklerine inildi\u011finde, bir \u015firketin stratejisi, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 riskler ve g\u00f6sterdi\u011fi dayan\u0131kl\u0131l\u0131k hakk\u0131nda ilgi&#8230; <\/p>\n","protected":false},"author":1,"featured_media":809,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[182],"class_list":["post-807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-entra"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=807"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/807\/revisions"}],"predecessor-version":[{"id":808,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/807\/revisions\/808"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/809"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}